Pension Funds Sue Agencies ; Credit Rating Agencies 'Sold Out and They Sold Us Out,' Ohio's Attorney General Says.

Summary

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Ohio's public pension systems are suing Standard & Poor's, Moody's and Fitch -- companies that provide credit ratings for investments -- for leading them astray on shaky mortgage-backed securities, according to the lawsuit filed Friday, Nov. 20.

"The credit agencies sold out and they sold us out," Ohio Attorney General Richard Cordray said. "They traded in their objectivity and in exchange received massive profits. As a result, Ohio police officers, firefighters, teachers, government workers, investors and retirees ... suffered terrible losses."

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Pension Funds Sue Agencies ; Credit Rating Agencies 'Sold Out and They Sold Us Out,' Ohio's Attorney General Says.

Cordray alleges in the suit, filed in U.S. District ...

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